The Maine Debt Collector Bond is required by the Maine Superintendent of the Bureau of Consumer Credit Protection. Rule 300 determines the bond amount.
According to the CCP Department, new applicants doing direct collections must get a $20,000 surety bond. Those who only do repossessions need a $15,000 bond. A letter writing company will only a $5,000 surety bond.
The bond states that the bondholder shall report and pay to its customers the net proceeds due of all collections made within a 30 day time period. Likewise, they must deliver all repossessed property. In addition, they shall strictly, honestly, and faithfully comply with all provisions of state law.
A Debt Collector are persons whose principal purpose of business is the collection of any debts directly or indirectly owed or due or asserted to be owed or due to another. A license is required if the Debt Collector is a Maine resident and the business is located in Maine. Non-residents who attempt to collect debts incurred between a Maine resident and a business located in Maine must also be licensed. In addition, a license is required if the collector engages in face-to-face solicitation. The Maine Debt Collector Bond is just one of the requirements in the licensing process.
With Surety1, you not only get the Maine Debt Collector Bond at the best rate possible, you also get it FAST. Through our partnership with several A-rated surety companies, we offer the lowest rates in the market today.
First, complete our easy to navigate, free online application form Next, you will be contacted by one of our licensed agents with a no-obligation quote on the bond premium. Finally, when you’re ready to proceed, pay the premium, sign the agreement and the bond gets mailed right away.
This reliable service has earned us an A+ rating from the Better Business Bureau.